Journal of Finance and Islamic Banking
Full Lenght Article
Determinan Nilai Perusahaan Manufaktur Yang Terdaftar di Indeks Saham Syariah Indonesia Periode 2011-2017
Abstract
The purpose of this research is to analyze the effects of managerial ownership, audit committees, investment opportunities, profitability, and corporate social responsibility (CSR) on the value of manufacturing companies. This research uses data obtained from a manufacturing account of the manufacturing company registered in the Indonesia Sharia Stocks Index (ISSI) period of 2011-2017 Analysis using the application of the panel data regression model with the e-views 9 and Microsoft excel. Studies show that the most appropriate selection of models for the data panel's regression is a fixed-effect model with the result of research that managerial ownership, profitability, and corporate social responsibility (CSR) have no significant effect on the value of manufacturing companies, while the variable committee's variables and investment opportunities have significant to the value of the company listed on the Indonesia Sharia Stocks Index (ISSI) period of 2011-2017.
Declarations
Publisher's Note
Universitas Islam Negeri Raden Mas Said Surakarta remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
References
Brigham, E. F. dan Gapenski, Louis C. (1996). Intermediate finance management (5Th ed.). Harbor Drive: The Dryden Press.
Brigham, Eugene F. and Joel F. Houston. (2001). Fundamentals of Financial Management. Ninth Edition, Horcourt College, United States of America.
Endri. (2012). Model Regresi Panel Data dan Aplikasi Eviews.
Fatwa Dewan Syari’ah Nasional No. 80/DSN-MUI/III/2011 tentang Penerapan Prinsip Syariah dalam Mekanisme Perdagangan Efek Bersifat Ekuitas di Pasar Reguler Bursa Efek. Retreived from www.idx.co.id.
Hasnawati, Sri. (2005). Dampak Set Peluang Investasi Terhadap Nilai Perusahaan Publik Di Bursa Efek Jakarta. JAAI Volume 9 No. 2, Desember 2005: 117 – 126.
Hidayat, Riskin. 2010. Keputusan Investasi dan Financial Constraints: Studi Empiris Pada Bursa Efek Indonesia. Buletin Ekonomi Moneter dan Perbankan.
Jensen, M. and Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics. Vol.3. pp. 305-60.
Keputusan Ketua Bapepam dan LK yang sekarang bernama Otoritias Jasa Keuangan (OJK) No. Kep-208/BL/2012 tentang Kriteria dan Penerbitan Efek Syariah.
Keputusan Direksi Bursa Efek Jakarta No: Kep-315/BEJ/062000 Perihal Peraturan Pencatatan Efek Nomor I-A tentang Ketentuan Umum Pencatatan Efek Bersifat Ekuitas Di Bursa.
Keputusan Menteri Badan Usaha Milik Negara No: KEP-117/M-MBU/2002 tentang Penerapan Praktek Good Corporate Governance padaBadan Usaha Milik Negara (BUMN). Retrieved from www.bumn.go.id.
Komite Nasional Kebijakan Governance. (2008). Pedoman Umum Good Corporate Governance Indonesia.
Istiqamah, M., & Supriyanto, S. (2017). Analisis Struktur Modal Perbankan Syariah di Indonesia. Jurnal Penelitian, , 201-214. doi:10.28918/jupe.v14i2.1216
Nachrowi, N. D. dan Usman, H. (2006). Pendekatan Populer dan Praktis Ekonometrika untuk Analisis Ekonomi dan Keuangan. Jakarta: LPFE-Universitas Indonesia.
Natalylova, K. (2013). Pengaruh Corporate Governance Terhadap Corporate Social Responsibility dan Kinerja Perusahaan yang Mendapatkan Indonesia Sustainability Reporting Awards. STIE TRISAKTI.
Prihadi, Toto. (2008). Deteksi Cepat Kondisi Keuangan, 7 Analisis Rasio Keuangan. Jakarta: PPM
Qi, Baolei and Gaoliang Tian. (2012). The Impact of Audit Committees Personal Characteristic on Earnings Management. Journal of Applied Business Research, 28 (6).
Retno, Dyah Reni dan Denies Priantinah. (2012). Pengaruh Good Corporate Governance dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan. Jurnal Nominal, Volume I Nomor I, Tahun 2012.
Sarbanes-Oxley Act (2002). Public Company Accounting Reform And Investor Protection: (US Congress, Washington). Washington Press.
Sembiring, E. Rismanda. (2005). Karakteristik Perusahaan Dan Pengungkapan Tanggung Jawab Sosial: Studi Empiris Pada Perusahaan Yang Tercatat Di Bursa Efek Jakarta. Simposium Nasional Akuntansi VIII Solo, 15 – 16.
Siallagan, Hamonangan dan Mas’ud Machfoedz. (2006). Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi (SNA) IX Padang.
Smith, Jr. C. W dan Watts R. L. (1992). The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies. The Journal of Financial Economics, December, pp. 263-292.
Sujoko dan Ugi Soebiantoro. (2007). Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan. Jurnal Manajemen dan Kewirausahaan. Vol.9. No.I. 41-48.
Sukamulja, S. (2004). Good Corporate Governance di Sektor Keuangan: Dampak GCG Terhadap Kinerja Perusahaan. BENEFIT, Vol. 8, No. 1.
Undang-Undang Republik Indonesia No. 25 tentang Penanaman Modal. (2007). Retreived from http://www.kemenkeu.go.id.
Undang-Undang Republik Indonesia No. 40 tentang Perseroan Terbatas. (2007). Retreived from http://www.kemenkeu.go.id.
Wahidahwati. (2002). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Kebijakan Utang Perusahaan: Sebuah Perspektif Teori Agensi. JRAI, Volume 5 Nomor 1. Januari: 1-16.
Zarkasyi, M. W. (2008). Good Corporate Governance. Edisi ke-1. Alfabeta. Bandung.